Few people beyond collectors of old money are familiar with the $500 bill. Banknotes were first printed in the middle of the 19th century and the last printing was in 1934. Earlier banknotes are very rare and therefore worth a large amount of money. However, depending on a number of factors, any $500 bill is worth more than its face value, and sometimes much more.

A brief timeline of the $500 bill

Oversized legal $500 bills were first issued during the second half of the 19th century. They went out of print in 1945. Those from the 19th century are extremely hard to find today.

The 1862 and 1863 bills feature an elderly James Madison.

The 1869 $500 bill has a unique look. John Quincy Adams appears on the right side of the face of the note. It is believed that only a few remain in existence.

Oversize $500 bills from 1874, 1875, 1878, and 1880 are rare and highly valuable.

The 1918 bill featured John Marshall’s portrait and a blue seal. Marshall, who served in the House of Representatives and as Secretary of State and Chief Justice of the Supreme Court, was one of the few men who was not a US President to appear on US currency. USA

The 1928 and 1934 design had a green seal and the portrait of President William McKinley.

Why such big bills?

The reason such a large denomination was printed ($500 in 1928 was equal to more than $6,000 in today’s currency) was that the US government wanted to make transactions within the government and with other agencies easier. The $500 bills were also used by banking institutions. In the 1920s and 1930s, the Bureau of Engraving and Printing even issued $1,000, $5,000, and $10,000 bills. There was even a $100,000 series 1934 gold certificate with President Wilson’s portrait in print for less than a month in December 1934 and January 1935. These were used only for official transactions between the Federal Reserve banks. They were never in public circulation.

When did they stop printing?

Although printing of the $500 bill (still the 1934 series) stopped in 1945 due to lack of demand, distribution of the $500 bill ended on July 14, 1969 in the Nixon administration by Treasury Secretary David M. Kennedy and the Federal Reserve. Council. This decision was made because the notes were being used to a great extent by organized crime and drug traffickers. Also, at the time, safer ways of transferring money had made them less necessary. As of that date in 1969, no bills of more than $100 were distributed. Although they are still legal tender, their value as a collector’s item is much higher than their face value.

What are they worth?

As with any old bank note, the value of a rare coin collector based on issuing district, condition, serial number, seal color, and whether it is a star rating (at the end of a bill’s eight-digit serial number). Uncirculated banknotes are always worth more. They can be worth from hundreds of dollars to five figures or the currency of old buyers.

If you have a $500 bill, don’t be tempted to spend it! Go online and compare the values ​​listed by various companies that deal in rare money. Also look on eBay to see what the selling prices are. Next, find a reputable forex dealer who deals in rare paper money if you are interested in selling it.

If you want to buy a $500 bill, do your homework again and make sure you buy from a reputable rare money dealer. If you buy from someone else, such as through an online deal site, there are counterfeit guides to help identify replicas and counterfeit bills. If you’re not a true expert (and even if you are), it’s always safer to go with an established forex trader.